GIBRALTFebA/March/RApril 2014 I NTER NATIONAL F I N A N C E n I N V E S T M E N T n B U S I N E S S Race begins to dig into new office projects
www.gibraltarinternational.com Sponsors
Gibraltar International Magazine is grateful for the support of the finance industry and allied services (with the encouragement of the Finance Council) in the form of committed sponsorship. We would like to thank the following sponsors:
GIBRALTAR FINANCE CENTRE Tel: + (350) 200 50011 • Fax: + (350) 200 51818 www.gibraltar.gov.gi
DELOITTE ABACUS FINANCIAL SERVICES LIMITED Tel: + (350) 200 41200 • Fax + (350) 200 41201 Tel: + (350) 200 78777 www.deloitte.gi Fax: + (350) 200 76689 EUROPA TRUST COMPANY LIMITED www.abacus.gi Tel: + (350) 200 79013 • Fax + (350) 200 70101 QUEST INSURANCE MANAGEMENT LTD. www.europa.gi Tel: + (350) 200 74570 • Fax + (350) 200 40901 HASSANS www.quest.gi Tel: + (350) 200 79000 • Fax + (350) 200 71966 GIBTELECOM time after time www.gibraltarlaw.com Tel: + (350) 200 52200 • Fax: + (350) 200 71673 GRANT THORNTON www.gibtele.com 5SJBZBOE5SJBZXBTFTUBCMJTIFEJO Gibraltar’s Lawyers Since 1905 Tel: + (350) 200 45502 • Fax: + (350) 200 51071 KPMG BOETUJMMSFNBJOTBUUIFGPSFGSPOUPGUIFMFHBM t$PSQPSBUF$PNNFSDJBM www.grantthornton.gi Tel: + (350) 200 48600 • Fax: + (350) 200 49554 QSPGFTTJPOJO(JCSBMUBS XJUIBUSJFEBOEUSVTUFE t&NQMPZNFOU BAKER TILLY (GIBRALTAR) LTD www.kpmg.gi SFQVUBUJPOGPSFYDFMMFODFBNPOHTU t'BNJMZ Tel: + (350) 200 74015 • Fax: + (350) 200 74016 SAPPHIRE NETWORKS www.bakertillygibraltar.gi PVSDMJFOUTBOEQFFST t'JOBODJBM4FSWJDFT*OWFTUNFOU'VOET Tel: + (350) 200 47200 • Fax + (350) 200 47272 www.sapphire.gi t*OTPMWFODZ PIRANHA DESIGNS 8JUIPGmDFTCBTFEJO(JCSBMUBSBOE4QBJO Tel: + (350) 200 45599 • Fax + (350) 200 52037 t-JUJHBUJPO TRIAY & TRIAY / T&T MANAGEMENT XFXPSLXJUIBSBOHFPGDMJFOUTSBOHJOHGSPN www.pdg.gi t1FSTPOBM*OKVSZ SERVICES LTD JOUFSOBUJPOBMCVTJOFTTFTUPQSJWBUFDPNQBOJFT GIBRALTAR INSURANCE ASSOCIATION (GIA) t1SJWBUF$MJFOU Tel: + (350) 200 72020 HPWFSONFOUT DIBSJUJFTBOEQSJWBUFJOEJWJEVBMT Tel: + (350) 58452000 Tel: + (350) 200 76108 t1SPQFSUZ www.gia.gi www.triay.com • www.ttms.gi 8FBSFSFDPHOJTFEBTBMFBEJOHMBXmSN t4IJQQJOH"ENJSBMUZ CREDIT SUISSE (GIBRALTAR) LIMITED BDO LIMITED t5BYBUJPO JO(JCSBMUBSBOEBOVNCFSPGUIFmSNT Tel: + (350) 2000 4000 • Fax: + (350) 2000 4900 Tel: + (350) 200 47300 • Fax: + (350) 200 47590 QSBDUJUJPOFSTBSFSFDPHOJ[FEBTMFBEFSTJOUIFJS t5FMFDPNNVOJDBUJPOT&DPNNFSDF www.credit-suisse.com/gi www.bdo.gi DIPTFOmFMETCZTPVSDFTTVDIBT$IBNCFST t5SVTUT ISOLAS / FIDUCIARY GROUP SG HAMBROS BANK (GIBRALTAR) LTD -FHBM *'-3BOE1SBDUJDBM-BX t8JMMT1SPCBUF Tel: + (350) 2000 1892 Tel: + (350) 2000 2000 Tel: + (350) 200 76651 Fax: + (350) 200 79037 www.gibraltarlawyers.com www.privatebanking.societegenerale.com/hambros Triay & Triay, 28 Irish Town, Gibraltar www.fiduciarygroup.com 5FM t'BY t[email protected] twww.triay.com
www.gibraltarinternational.com Gibraltar International 3 Feb/March/April 2014 Volume 20/ Number 1
Contents Finance p18 News p6 Larger team selects fewer targets to grow finance business Race begins to dig into new office projects Banking p21 Economy p8 New State bank to demonstrate independence Investment to drive economic growth showing results Law p22 Banking p12 Growth in lawyers masks tightening budgets Green light ahead.– mind the speed limit! Insurance p25 Funds p14 Gibraltar as a ‘career domicile’ Viva Gibraltar – lifting the lid on the Rock Compliance p27 Currency p16 EU signals finance centre ‘clean bill of health’ Countering Virtual Currency Money Laundering in the 21st Century Business round up p28
Editorial Comment sees fresh international business being progressively delivered over the next three years. Repeated incursions by Spain into British Gibraltar Territorial Waters and Developments escalated frontier problems – both linked to Spanish sovereignty claims – have exposed problems for, and impact on, Gibraltar; there’s been wide UK coverage and beyond television, press and social media comment. looking good But, crucially, the troubles are said not to be adversely affecting business interest in relocating to The Rock! These things may be viewed externally as ibraltar is on the brink of a building bonanza worth considerably minor irritations. more than £260m to provide offices, a second 5-star hotel, more Less certain for the economy is the outcome of Gibraltar’s tussle with the than 1,000 new homes and other projects – and for the first time, UK over its plans both to tax on-line gaming at source, whilst also watering down Gfinancing the projects is said not to be a problem. licencing requirements. If progressed, these could cost this lead e-gaming For years, progress of two major schemes – the giant World Trade jurisdiction dearly in lost income and jobs. Gibraltar is at odds too with the UK Center Gibraltar and the 5-star Marriott (originally Hilton) hotel and related over how it plans to make public the ultimate ownership of companies and, office complex - has been stymied by banks demanding guaranteed income potentially, also trusts. Gibraltar hopes to gain a compromise solution on the either through advance commitment of the majority of floor space, or of gaming proposals and on ownership to protect the historic principle of English room occupancy. Trust Law. If they break ground this year, these projects will add greatly to the The planned launch of a state-owned Gibraltar International Bank (GIB) in image of a successful Gibraltar economy and assist with planned economic late 2014 to coincide with the loss of Barclays retail banking locally will relieve growth. pressure on the remaining NatWest and Jyske Bank, and GIB will be fully But let’s not get expectations too high. We’ve been here before and regulated. The Financial Services Commission, amongst other things, will ensure been disappointed when nothing results. To have all three planned office that the management and Board includes people who understand the importance projects advanced seems overkill; some question the extent of real demand. of managing risk, and see that there are adequate independent, non-executive A resulting significant uptake by businesses fresh to, or expanding in, the members. jurisdiction will be welcome, of course, but no new project – offices, hotel GIB seed capital comes from government, but it will be sensible also to or homes - will be completed before 2016, at the earliest! have private equity. Whilst investors will want to make profit, depositors require Just as well: Chief Minister Fabian Picardo, after two years in office, the greatest guarantee for their money, a situation that doesn’t lend itself to high expects “a trickle” of business new to Gibraltar and sees initiatives investment returns. involving US and BRIC countries “maturing” in 2014. His new finance A good start to 2014, which, nevertheless, presents significant challenges. centre specialist team – concentrating mainly on the UK and Switzerland - Ray Spencer
Published by No part of this publication may be reproduced without the written Gibraltar International Publications Ltd. permission of the publishers. G7 Cornwall’s Centre PMB 104, PO Box 561 Disclaimer Gibraltar Gibraltar International Publications Limited have tried to ensure that all Editorial enquiries information is accurate, but emphasise that they cannot accept responsibility for any errors or omissions, and that they accept no [email protected] responsibility for statements made by contributors Advertising enquiries or for any claim made in an advertisement. [email protected] Design [email protected] UK Agent: Tel: + 44 (0)1993 703560 © 2014 Gibraltar International Publications Ltd.
4 Gibraltar International www.gibraltarinternational.com AUDIT • TAX • ADVISORY News FATCAFATCA • AANTI-BRIBERYNTI-BRIBERY & CCORRUPTIONORRU • GIBRALTAR Race begins to dig into new office projects near the town centre. COMPLIANCE • VAT Work on the World Trade Center Gibraltar (WTCG) – the territory’s Squarestone previously planned a FUNDSFUNDS • BBANKINGANKING • CORPORATECORPORATE SERVICESSERVICES • IINSURANCENSURA • FUNDS • BANKING • CORPORATE largest office development - is poised to begin more than three Hilton Hotel, but the management agree - years later than planned, but this time as part of an £85m project ment offered came without income to be financed out of a cash pile made in the US guarantees. Developer spokesperson Jeremy NCY II • BASEL II • AIFMD • POCT Nichols, explained: “Because we have an EGAMINGEGAMING • TELECOMMUNICATIONSTELECCuttingOMMUNICAT ION • HOSTING • eBUSINESS t is one of three office projects now being February and a reduced 15,200 m2 rentable agreement for Marriott to provide a advanced: “The race is on to be the first offices space. preferred operator with guaranteed income Inew office development to break The WTCG cost has jumped 50 per for the whole of the lease period, banks in ground”, Gibraltar Chief Minister Fabian cent to £45m – “all to be funded in cash by Gibraltar and the UK have an assured through Picardo, declared. Fairhomes with no direct bank involvement”, income and we have agreement for the cost And investment just as great is being Butcher said. “The US has done very well of government land leases.” PLANNING • FATCA projected in hotels for the jurisdiction. for us and I have bought and sold a lot of The £50m project provides for a 225 MERGERSMERGERcomplexity,S • AACQUISITIONSCQUISITIONS • DDUE DILIGENCE • VALUATIONS Gregory Butcher, chairman of assets, as well as having strong rental yields bedroom Marriott Hotel and Residence Inn Gibraltar-based Fairhomes Group, which from homes, commercial assets and other short term serviced apartments, with access GLOBALGLOBAL NETWORKNETWORK • LOCALLOCAL OWNERSHIPOWNERS • INTERNATIONAL REGULATION over a decade has built the mixed use properties still remaining there. to a rooftop sky bar, pool, spa, sauna and residential, retail, leisure and office Ocean “Frankly, we need to find a home for gymnasium. Banqueting for up to 350 across Village development, expects work on the this money that will produce a good return, people and conferences for up to 500 is also 7-storey, 16,260 m2 WTCG building to start so investing in Gibraltar when demand for included. TAX • TRUSTS • eGAMING “well within the first half of this year”. offices is mounting, could make good The One Victory Square office block PEOPLEPEOPLE &services, CCHANGEHANGE • PPERFORMANCEE RFO • SKILLS • TRAINING Contracts for the equivalent of 1½ business sense,” the serial entrepreneur has “two floors sold and two others floors have been issued to an anchor revealed. A minimum 20% contracted take reserved”, said Nichols. “We are looking to SERVICESERVICE • CCOMMITMENT•OMMITMENT• PPASSIONASSION • KKNOWLEDGE • GROWTH • GLOBAL NETWORK tenant and there are hopes for a ‘big five’ up of space compares with 60% Fairhomes lease 50% of the floor space before work can accountancy firm and a New York securities previously required to start building. start, and there is strong interest,” Nichols sectors and trader, Butcher told Gibraltar International assured, but added: “It is essential both hotel MITMENT • SERVICE • PASSION in early January. He said: “We are at the final Generating business and offices are built at the same time - we furlong and once the anchor tenant is signed, “WTCs around the world tend to attract expect to start work in the spring and to COMPLIANCECOMPLIAborders.NCE • AANTI-BRIBERYNTI-BRIB & CORRUPTION • eGAMING building will begin within weeks.” prestigious companies used to a 5-star complete around mid-2016.” Butcher gained full planning approval service, with flexible space and services, and in 2010 for the WTCG building on a Fair a first floor meeting space (with a Starbucks Selling instead homes-owned car park behind Marina Bay, or Costa Coffee café) to provide a NW1 - a circa £45m project with 14,500m2 with preliminary works re-routing services networking and on-site social amenity,” of offices over three floors, plus a rooftop BANKING • TAX • TRUSTS and supplying new connections already com - Butcher asserted. gymnasium with leisure facilities – gained ORATERATE SSERVICESERVICES • IINSURANCENSURANCE • FFUNDSUN • BANKING • CORPORATE SERVICES • INSURANCE pleted. “We believe financial firms are starting outline planning permission in Autumn and Design modifications to incorporate to expand again and we want them to come is to be sold on the open market rather than HOSTINGHOSTING •To eeGAMING findGA outM more,ING • eeBUSINESS • TELECOMMUNICATIONS ‘healthy building’ WTC international here to Gibraltar”. built with pre-letting. Preferring to pre-sell requirements, as well as a large double- WTCs worldwide house 750,000 around 50% before commencing construc - call +350 200 48600 height open plan reception area, nine lifts and companies and Gibraltar occupants can tap tion, project spokesman Lawrence Isola said FATCA • COMPLIANCEor visit • VALUATIONS FUNDSUNDS • BBANKINGANKING • CCORPORATEORPORATE SSERVICES • INSURANCE • FUNDS • BANKING • CORPORATE an atrium, require fresh into that network in 90 countries to develop work could “begin by June, but easily could www.kpmg.gi planning consent in business – “it’s one of the greatest contact be sooner”. lists going and being part of a critical mass, Funded by a consortium of private Gregory Butcher shows his World the WTC ‘club’ is a major generator of developers with significant local experience Trade Center Gibraltar project business, particularly inward investment”, he in Gibraltar, NW1 also has 1,200m2 of declared. ground floor warehousing and an estimated TAX • AML • AUDIT Fairhomes also will be investing £40m 18 months build time. TWORKTWORK • LLOCALOCAL OOWNERSHIPWNER • INTERNATIONAL REGULATION • TRAINING • in “other associated measures to be built at On the basis that all three office the same time on other Gibraltar sites, developments - and at least one other including high quality rental accommodation potentially - being advanced this summer, TRUSTS • INSURANCE • SOLVENCY II • AIFMD for short-term executive use”. there will be a massive increase in building FUNDFUND • TAXTAX • SSERVICEERVICE • CCOMMITMENT•O PASSION • KNOWLEDGE • PERFORMANCE • SKILLS Another long-awaited scheme by work and, seemingly, they will attract Squarestone, a London-based property businesses new to the jurisdiction. developer, is expecting at end-January, Most respondents to a recent Deloitte- outline planning approval to build a inspired Gibraltar Real Estate Indicator EGAMING • GIBRALTAR 14-storey, 5-star hotel and 7,633 m2 of Survey identified offices as most in demand ININGNING • BANKINGBANKING • INSURANCEINSUR • FUNDS • BANKING • INSURANCE • CORPORATE SERVICES offices in an adjacent 8-storey block on the site of the old Royal Gibraltar Yacht Club Continued page 17 PASSION • SERVICE • COMMITMENT DUEDUE DDILIGENCEILIGENC • VALUATIONS • MERGERS • ACQUISITIONS 6 Gibraltar International www.gibraltarinternational.com Economy Investment to drive economic growth, showing results Fabian Picardo, Chief Minister, remains “very confident” he can spending in the economy as developers” – only one of three new housing projects to achieve his GDP target of £1.65bn by 2015/16 in the context of two deliver 1,000 homes costing £114m, is by budgets still to come. He outlined his plan in a mid-term of government. governance review with chief editor Ray Spencer Picardo said temporary electricity generators “provide more than enough now, apital spending of hundreds of context of “entry to the EU and also to North so [a new power station] is not a pressing millions of pounds and fresh Africa, which is becoming increasingly problem”, but updating the grid infrastruc - Cinvestment from outside of important to the US”, Picardo assured. ture to prevent power cuts was urgent. “It is traditional markets - from BRIC (Brazil, not something that we can fix overnight and Russia, India and China) countries and the Investment coming work is on-going”. US – in 2014 are key ingredients for “[2014] will be an important year for us ensuring Gibraltar achieves a planned four because we will see a lot of these things Power cost freeze stays year 50% GDP growth. maturing in respect of investment from For two years the government has held “We see a lot of interest and we start to outside of traditional markets - from BRIC electricity prices at a cost of £32m and it see a trickle of people who are looking to countries and the US”, he added. But he expects to continue subsidies “throughout establish headquarters or offices in admitted: “We haven’t yet seen the growth the lifetime of this Parliament, for sure. we expected to see Subsidy is in the region of 60% of cost of [from BRICs], but electricity production. Bills will change, so marketing takes time that people understand what the real cost is and I sincerely hope of generating electricity and producing that in the coming year water”. or so we will see those Capital spending, alongside growth in new entrants.” other industries and in employment, will In the 2013/14 add to GDP, “so I am very confident it is budget Picardo dis - going to lead to those [target] numbers in closed capital projects context of two budgets to come”. totaling £125m. “There To achieve its ultimate GDP target, will be more in the next Picardo’s government needed to increase two budgets; it’s many growth by an average 9.76% pa millions of pounds, cumulatively for each of four years; GDP at turning into hundreds”, the end of year 1 grew 8%, meaning an including a new dual annual average increase of 10.4% is needed
fuel-fired power station for the following three years to reach –tender results are £1.65bn in 2015/16. Fabian Picardo Gibraltar”, Picardo said. Finance, gaming expected in April - new housing estates “and Picardo’s deputy, Dr Joseph Garcia,
and logistics companies were in prospect other high profile projects not yet said in November that the most immediate, “and different industries we may not have announced. direct challenges to Gibraltar’s economy seen here before”. “We see private sector in construction came from political decisions taken in both He has faith his US inward investment as an important partner and… the m‘ ain London and Madrid. initiative will deliver. “A lot is happening driver of economic growth, with govern - Negative effects The Spanish Government was undermining the economy of Gibraltar by effectively Two important challenges remain - completing blocking the frontier and threatening housing schemes and virtually zero unemployment action elsewhere, Picardo agreed. (Visitor numbers crossing the border in October and November fell 40%.) If Spain was reckless, and without ‘ there, but I can’t tell you yet, because I don’t ment as facilitator. We have now got the having regard also for the local Spanish want to scupper it… it is not public yet.” US government as a developer of affordable commercial entities saw Gibraltar in the homes and the private sector investors Continued page 10
8 Gibraltar International www.gibraltarinternational.com Economy
Continued from page 8 Gibraltar economy”, as well as a serious and the economy. Now we have got the negative effect on the UK gaming industry, government as a developer of affordable economy, it “can choke the Gibraltar because it would push many, if not all homes and the private sector investors economy at different points and it is possible operators, further offshore than Gibraltar - spending in the economy as developers to have a deeply negative effect on our beyond the EU and into less reputable themselves”, he argued. economy”, Picardo said. “The government jurisdictions”. There were two important challenges is doing everything possible to bring about for the next two years. “Having started the circumstances which will deliver a solution Finishing off housing schemes is great, but we need to to the issues that Spain has created.” On gaining office in December 2011, complete them; having started to bring The proposed end-2014 UK ‘point of Picardo halted just about all capital projects. unemployment down is fantastic, but we consumption tax’ and regulatory changes for “Although we put the brake on those really need to get to the stage where online gaming presented another economic projects – and the government stopped unemployment is at the lowest levels ever. challenge, but the four-year Gibraltar GDP spending on those projects – the fact is that “I think you can get close enough to target was prepared with knowledge of the we started to see private sector growth, not there being no recorded unemployment, UK’s intended moves, Picardo declared. necessarily in construction”, but for because all the people who are coming But he admitted: “If both [tax and example in gaming and financial services. through the system are in effect churning, so regulatory proposals] continued unamended, “The stop in government spending was virtually zero long term unemployment is I think it would have a serious effect on the compensated for by the growth in jobs the objective”, Picardo declared. Beneficial ownership purge may force businesses to seek trust protection
Gibraltar is cautious about UK Prime asked the UK for more information. “This is all and sundry”. Minister David Cameron’s planned public a challenge that we have to address very The company register of shareholders disclosure of corporate beneficial ownership carefully indeed”, he cautioned. already identifies beneficial owners and is this year, aimed at bringing greater public. Under the new system, “all that we transparency. Looking for answers will see is a proliferation of trusts and they Fabian Picardo, Gibraltar’s Chief Gibraltar supports Cameron’s transparency will be publicly registered shareholders of Minister, said he and representatives of other objective. “We have been first off the blocks everything”, Picardo asserted. British Overseas Territories (OTs) do not – for Gibraltar that was a small step, but for “Then well known professional trust understand how the move “can be legally others it was a giant leap - but [taking] the companies will become the professional done”. A central register in each jurisdiction next step is difficult for us, because we don’t shareholders of hundreds of companies in may be possible, but making it freely understand how, legally, it can be done.” Gibraltar, UK and elsewhere. And that available would mean “a huge sea change Gibraltar has non-central registers doesn’t achieve the objective.” for common law”. of beneficial ownership accessible to The concept of a Trust is a common Cameron has asked the EU to adopt relevant authorities; under ‘Know Your law tenant and, (unlike civil law systems in public disclosure measures within the next Customer’ (KYC) principles, the territory’s two-thirds of the world), recognises the iteration of the Money Laundering professional and intermediary financial serv - concept of equitable ownership. To include Directive, “as the cutting-edge benchmark ices providers are required to know the ben - trusts in new disclosure rules, “requires a for countries and major financial centres to eficial owner. huge sea change [in common law] and emulate across the world”. He said: “A “The authorities - if there is a request requires careful understanding. You cannot publicly accessible registry provides the best for information using the established gate - flick a switch and do this”, Picardo noted. outcome for sound corporate behavior and ways - have access to that information and “If it is possible to do so in a way that added: “It’s better for us all to have an open can share it with any government or law gives people certainty, and which the system, which everyone has access to – the enforcement agency in the world. All the financial services industries in the UK and in more eyes that look at this information, the Overseas Territories – more than any other Gibraltar can work, then Gibraltar will be more accurate it will be”. EU State – already have that. Now the prepared to adopt it.” Cameron also said that registries question is, do you centralise that”, Picardo Delaware, as one of a few US states relating to company secrecy “may well not said. that permit owner anonymity, is home to be appropriate generally” – in particular, for “Do you ask your law firms and more than half of US publicly traded and trusts and related private arrangements. accountants not to keep that information in Fortune 500 companies. The US Congress “If that is the case, all you are going to their books, but to send it to a central has since 2000 rebutted attempts to see is every corporation will be owned by depository and then do you make that central introduce nationwide disclosure legislation, trusts and there won’t be disclosure of information – that might be in something the last in 2011, but Picardo insists there ownership”, Picardo maintained and has like Companies House – available to must be “a level playing field”.
10 Gibraltar International www.gibraltarinternational.com Banking Green light ahead - mind the speed limit! by Eric Verleyen Societe Generale Private Banking of low interest rates and abundant liquidity, stocks and high-yield bonds still have room Hambros (SGPBH) Chief Investment Officer to appreciate further. Whilst interest rate rises are nearer, we do not expect them this year in n general, 2013 was clearly a 23 years since the Nobel Academy last Europe, UK or the US. We expect some great year for equities and risky distinguished a work that relates to investor “tapering” (reduction in bond buying) by the I assets. The so-called “fall of needs in terms of investments, asset Federal Reserve (FED) shortly, but liquidity safe havens” fully unfolded early in allocation or strategy. will remain very good and after a short the year when US and German Looking ahead, 2014 appears that it will period of adjustment we expect markets to government bonds declined and gold dropped be a year of further economic “normalisa - remain supported by growth and strong as economic improvements materialised. tion”, which should remain supportive for corporate earnings. This meant that portfolios with higher cyclical and risky assets, especially in Yet, we cannot help tempering our tolerance for risk generally did very well in advanced economies. The call for better optimism for 2014 with some reminders of 2013 as we took advantage of the economic prospects in 2014 remains caution. Improved visibility on what is opportunities markets offered. We also were unchanged, but our confidence is now higher. known should not to be confused with lower very cautious of government bonds, There is clearly better visibility, with fewer risks overall. The world is, of course, full of anticipating the poor returns from this market. identified uncertainties. For example, uncertainties and surprises. Keeping in mind As economic improvement gradually geopolitical tensions have greatly eased, Robert Shiller’s impressive record of emerged in published data, the prospect of Eurozone sovereign stress has waned and the tracking investor exuberance by warning for interest rate rises no longer seemed quite so US fiscal dispute is over. bubbles in 2000 and again in 2005-2007, we distant and longer-term interest rates rose in In fact, there are even more potential have to remember his conclusions: response. positive surprises ahead: Japan’s economic l Long-term asset returns are conditioned By focusing on shorter duration bonds, policies may prove a success thanks to by structural equilibrium in economic high yield, subordinated bank debt and innovative initiatives, Eurozone structural conditions, such as interest rates, growth rate floating rate instruments we have managed to reforms on internal competitiveness could be and corporate profitability. This equilibrium produce positive returns from fixed income in decided and China might surprise the world prevails over cyclical fluctuations. Over long a difficult environment. Client portfolios by succeeding in a smooth transition from periods, the main economic drivers such as have, therefore, done well overall and its planned export-driven economy to unemployment, profits or inflation, revert to enjoyed healthy returns. a liberalised consumer-driven economy, their average trends. For the financial community it was a averting a hard landing. International l Therefore, relevant predictors of long- remarkable year as the Nobel Prize in investors increasingly share the sentiment of term returns are not short-term trends but Economics was attributed to Professors better visibility, currently driving asset prices valuation metrics that show the relationship Eugene Fama, Lars Peter Hansen and Robert higher. (Three of our seven conviction ideas between asset price and a long-term average Shiller “for their empirical analysis on asset for 2014– see box below). of an economic indicator such as stock prices”. According to our records, it has been This trend should continue. In a world index/ GDP, stock prices/tangible assets, stock prices/profits, bond yield/average No. CONVICTIONS SUMMARY RECOMMENDATIONS inflation. Note that these metrics do not give 1 US bond yields US monetary policy is entering a multi-year tightening phase • Prefer short-duration bonds any valuable information for short-term back up! and US long-yield will keep rising in line with accelerating • Hedge interest rate risk on returns. activity. existing bonds This is a major trend that impacts portfolio structure and • Focus on USD vs other currencies, l Bubbles do exist, and appear when investments in bonds, currency and diversification especially the ones in the Dollar- investors fall prey to “irrational exuberance” techniques. Zone confusing short-term market trends with long-term expected returns. In conclusion, 2 European banks Economic turn around and accommodative monetary policy • Positive on Eurozone banking beware of possible market exuberance beauty contest will further ease funding conditions. Asset Quality Revue stocks performed by the ECB will ease market concerns about the • Positive on banks senior debt and building up in 2014 as global growth soundness of the Eurozone banking sector and will increase covered bonds accelerates, thus be ready to reverse investors’ appetite. Bond redemptions will continue to • Be selective on subordinated positions if needed. Most asset prices could overtake bond issuance providing a support to the financial banks debt (Tier 1 and Tier 2) perform well given current economic and bond market. financial conditions, but this is not a 3 German stocks: Low interest rate environment, attractive effective exchange • Favour the DAX to the other guarantee of extraordinary long-term rocket-borne rate and accelerating economic growth are all the necessary European indices. returns, especially if the current conditions factors to drive German stocks further up. In the Eurozone • German small and mid caps are are themselves extraordinary. In non-Nobel the DAX remain our preferred index as valuation is cheap. set to outperform again in the wording: “tall trees can’t grow to the sky.” Small & Mid caps in Germany are still attractive despite the coming 12 months 20% premium they show relative to large caps in the region. • Favour consumer discretionary, technology and capital goods www.privatebanking.societegenerale .com/hambros
12 Gibraltar International www.gibraltarinternational.com Funds Viva Gibraltar – lifting the lid on the Rock counterparties who go on to work together post-launch appreciate the needs of the Nicola Smith is CEO of Helvetic Fund fund’s manager, so tailoring their work accordingly. It is not the case that the set up Administration Limited, Gibraltar of the fund is seen as a distinct and separate matter from the ongoing operation after ince 2008 Gibraltar has been listed in launch. the Global Financial Centres Index Spublished by the City of London Redomiciliation Corporation increasing its reputation as an and relocation attractive location for business in a variety of As an increasing number of regulations are areas. being introduced worldwide, the focus for managers and the funds they manage has An obvious choice for funds moved towards ensuring their operations are and fund managers domiciled and regulated in an EU location. Gibraltar offers a well-established fund Laws are already in place in Gibraltar to regime based on UK legislation and is the Service providers ensure the re-domiciliation process is as only British overseas territory that is part of Gibraltar has been servicing the finance simple and efficient as possible for a the European Union (EU) and applies sector for many years. There are numerous streamlined process and Gibraltar based European laws. Fund legislation in Gibraltar long established banks, law firms, tax fund administrators can offer services to was drafted in close consultation with key advisers, insurance companies, custodians, funds domiciled in another jurisdiction such members of the industry and has resulted auditors and fund administration companies as the Caribbean, to relocate to Gibraltar and in a comprehensible regime that most which have a wealth of knowledge to offer ensure the smooth transition of the fund. European based managers and compliance to clients. For EU fund managers it is very easy teams find easy to adhere to. The focus of Gibraltar service to deal with counterparties in and possibly providers has always been to offer a even relocate their business to Gibraltar. Investment manager licence personal tailor-made service to each client. With a similar legal structure to the UK, A fund manager may set up operations in As a smaller jurisdiction, the service issues that can be found when dealing with Gibraltar as either a licensed MiFID providers are more flexible and value each offshore jurisdictions outside of the EU do (Markets in Financial Instruments Directive) client and their requirements as unique, not exist and Gibraltar offers a good EU investment manager, a licensed AIFM striving to provide a service which in a larg - geographical location. Gibraltar is very (Alternative Investment Fund Manager er jurisdiction would simply not be avail - accessible with regular flights into Gibraltar Directive) EU investment manager or a able. from the UK and Malaga international
licensed UCITS (Undertaking for Collective airport is one hour’s drive away, which Investment in Transferable Securities) Where in the world connects to the whole of Europe. Many compliant manager. Once obtained, the Gibraltar is one of only four EU based people relocating to Gibraltar not only enjoy
manager would be regulated by the FSC and jurisdictions where a fund can be domiciled doing business in a regulated EU have a fully transferable licence to passport in a tax efficient way. Historically, people jurisdiction but also to relax in the attractive the licensed services throughout the EU. have established funds in Dublin and national park and beaches surrounding the If a manager does not want to obtain a Luxembourg as an onshore location d‘ ue to Rock or on one of the numerous golf full AIFM licence but does want to continue their advantageous tax regimes, however in courses in the area at weekends. to be able to market its services under a recent years, a saturation of funds on the There are no restrictions for EU citizens or Swiss nationals wishing to work in Gibraltar and there are very beneficial tax Gibraltar offers a well-established fund regime opportunities for highly skilled staff brought based on UK legislation and is the only British over to Gibraltar. Settling in Gibraltar can overseas territory that is part of the European Union be an attractive proposition, not only from a lifestyle point of view, but also a financial perspective. More and more managers MiFID licence, then Gibraltar service market and cost issues have paved the way based in London and Switzerland are ‘ providers can offer a platform solution for alternatives such as Gibraltar and Malta looking for a viable alternative jurisdiction whereby the portfolio management is out - to offer investors additional options. and Gibraltar is becoming more recognised sourced to the MiFID manager by a fully The client should be confident that the for offering this. and regulated AIFM manager established by parties involved in the development of its the service provider for this purpose. fund will work together to ensure that any www.helveticfund.com
14 Gibraltar International www.gibraltarinternational.com Currency News
Continued from page 6 competition at that service level with the Countering Virtual Currency Money proposed Marriott hotel in 2016 and yet commercial property; reflecting “the current another 5-star project that the existing Caleta shortage of supply” in the Gibraltar market, Hotel has unveiled, on Gibraltar’s east side, Laundering in the 21st Century 67% of estate agents and all property that it is hoping to create by 2017. surveyors polled said they expected Franco Ostuni, Caleta general manager, and administrators, German regulators have commercial property rentals will increase. said the new hotel would cater for increasing by Clark Elder, Risk & Compliance Advisor, KPMG, Gibraltar concentrated their efforts on regulating the However, Lawrence warned: “Although I numbers of corporate clients, who look for users by classifying virtual currencies such recognize for the medium term demand may the same high standards found in other The Issue there are three types of virtual currencies that as Bitcoin as “unit of account”. This classifi - exceed supply, assuming continued growth in destinations across the globe. The virtual currency industry has been under exist: A closed system, unidirectional cation has both legal and tax implications for the economy, I am not sure there is room for The £15m development, subject to increased scrutiny to implement robust Anti- system, and bidirectional system. users as it now subjects them to a capital more than one new substantial office planning, will incorporate 41 suites and a Money Laundering (AML) controls by While a closed system represents the gains tax if held for less than one year. building. ninth floor rooftop infinity pool and spa and regulators, investors, and businesses alike. ability to use real value currencies to buy The UK Financial Conduct Authority “With moderate growth over then next involve a revamp of the existing 4-star Recent evolutions in the industry through the virtual currencies that can only be used for (FCA) has recently confirmed its position of 3-5 years, I don’t see a desperate need for seaside hotel. In a second stage £25m emergence of Bitcoin and other similarly virtual goods and services, a unidirectional “keeping an eye on Bitcoin developments” much more, but this view will of course be project, a block with 50 residential apart - structured forums have resulted in gaps in system allows the virtual currencies to be rather than actively pursuing regulation at influenced by real economic growth during ments mostly for sale, will incorporate regulation. used for real goods and services as well. In a this time. this period. At the moment, there could be a environment-friendly technology and some Whether virtual currencies become a bidirectional system, virtual currencies can With the virtual currency industry sizeable gap between perception and reality.” shared hotel background services, plus 175 money launderer’s dream for the 21st buy both real and virtual goods and services, expected to continue to grow, guidance from new parking spaces. Century, or the current and the virtual currencies to buy real value supra-national bodies like the Financial 5-star competition Some residents are suggesting that there concerns are proved to be lit - currencies. The last of these models is Action Taskforce to help shape the Early this year, a 5-star £120m Sunborn will be an over-supply of hotel facilities on for leasing of 2-storey Trinity House with Apartments and tle more than a storm in a becoming increasingly prevalent with the regulatory landscape in a more consistent yacht hotel - in which the government, The Rock and point to average 2012 280m2 being built beside the main entrance hotel upgrade for a futuristic teacup remains to be seen. rise of Bitcoin, and is the model which is way is necessary and much-needed. through associated companies of the State- occupancy rates for the existing 4-star hotels to Ocean Village. seaside Caleta l What is certain however, is causing the greatest concern to regulators owned Gibraltar Savings Bank, has a circa of around 60%, which are not thought to Planning permission was granted in (top); new town that while virtual currencies and law enforcement around the world. Money Laundering Risks 25% stake – is expected to open at Ocean have changed much in the last year. December for the £5million ‘Alexander centre offices previously existed in the It is evident that virtual currencies currently Village. Originally, destined for Barcelona, l Fairhomes is understood to have agreed a Hotel’ over seven stories and with up to 20 and Marriott form of bonus points or Regulatory Landscape pose a wide range of money laundering risks. the 189-bedroom Sunborn vessel will face contract with a private bank new to Gibraltar bedrooms on Engineer’s Lane. hotel (below) loyalty rewards valued with - On a global scale, many regulatory bodies The leading challenge for the virtual in a specific company or and other government agencies have been currency industry is its anonymous nature, limited virtual community, assessing the vulnerabilities of the virtual ease in movement of funds across borders, they can now be converted currency industry to money laundering risks, and the speed at which the industry operates. into traditional forms of cur - and have been issuing guidance and This allows criminals to participate in rencies on a global scale, and can be trans - performing industry specific reviews to bet - financial markets and convert, transfer, and ferred across borders with limited regulatory ter understand and manage these risks. withdraw funds without detection. or industry oversight. However, regulators have not yet developed Industry-specific money laundering This change in dynamics loom large, as a consistent approach. training and staff awareness, including it poses a threat to the traditional banking The recent announcement by the familiarisation with red flags and suspicious industry as well as the current safeguards People’s Bank of China is an example of this customer activity, will be paramount to that protect legitimate, law-abiding inconsistency. The Central Bank banned preventing and reporting money laundering customers, end users, intermediaries, and Chinese mainland financial institutions and activity. Testing the robustness and investors. Virtual currencies present similar third-party payment service providers from effectiveness of systems and controls risks to physical cash in terms of anonymity using Bitcoin. This resulted in the world’s relating to anti-money laundering initiatives and the lack of audit trails around largest Bitcoin market suspending the intake has become the overriding principle in transactions, but with a wider reach due to of Chinese currency (yuan). safeguarding against criminal activities. the emergence of global market places and The Financial Crimes Enforcement Financial institutions and exchanges exchanges where they can be traded freely Network (FinCEN) has provided industry that provide the link between traditional and across the globe on a real-time basis. guidance that establishes that certain virtual currencies will also need to consider administrators and exchangers of virtual whether their existing systems and controls A Closer Look at Virtual currencies must register as Money Services to prevent and detect money laundering Currencies Business (MSBs) and have a legal obligation remain fit for purpose in dealing with this Virtual currencies should not to be to comply with the Bank Secrecy Act (BSA). emerging industry, and should continually confused with e-money, which is simply the Simultaneously, the US Federal Bureau of monitor these as it evolves. electronic trading and exchange of tradition - Investigation (FBI) and the US Senate have al currencies. Virtual currencies are not announced an initial investigation into For further information on this subject, regulated and exist as a digital commodity Bitcoin and its involvement in money please contact Clark Elder at relying largely on customer demand. laundering schemes. [email protected] According to the European Central Bank While US regulators have chosen to www.kpmg.gi 2012 report on Virtual Currency Schemes, focus on the obligations of the exchangers
16 Gibraltar International www.gibraltarinternational.com www.gibraltarinternational.com Gibraltar International 17 Finance Finance
Services Commission (FSC). expressing interest in the jurisdiction by end- Innovative expansion solutions are being Larger team selects fewer targets The UK regulator is fighting back, 2014”, Canessa believes. explored by London born Michael Ashton expecting from April, a six week approval for There are 95 EIFs and more than double (52), a chartered accountant with 20+ years of 90% of Ucits schemes, while regulatory that number if the cells of PCCs are added. insurance industry experience. Whilst chief to grow finance business approval of retail-focused non-Ucits funds “We are looking at how we can make it operating officer in London for ACE Global will be cut to three months this year and to easier for [investment managers] to become Markets, the single largest insurance under - A new business development team and a London-based generalist transactions for their homes or business two in 2015. However, it can take 12 months AIFMD-compliant”, he adds. writer owned by the Bermuda-based group, in - covering funds, insurance and private client business - has been interests, with pensions, investments and to become authorised as an investment Victor Galliano (49) is another of three 2000 he started ACE Gibraltar and mid-way orderly succession planning”. manager in the UK, compared with returning Gibraltarians and the department’s through his six years there, he with others, assembled by Gibraltar’s Finance Centre department. Ray Spencer Gibraltar’s norm of 18 weeks. London representative based at Gibraltar provided seed capital to launch local motor investigates a strategy that must produce results within three years Deals in sight Gibraltar investment managers benefit House, which is used monthly, by all of the insurer, Tradewise, where Ashton remained a Private clients in Gibraltar are particularly from 10% corporation tax, special personal team. With 25 years financial services experi - non-executive director for five years until “The government has made a significant Direct mail and unsolicited e-mails interested in tax residence issues, trust and tax and fixed low social security. Having ence in banking and specialist Latin America 2008. investment, much more than it has done for “help create noise and awareness of company management - “very wealthy Sterling currency and common law is also market analysis from working in Gibraltar, decades in the financial centre”, says Jimmy Gibraltar” as well as a new stand-alone web people are attracted to Gibraltar and locate helpful. the UK and the US, Galliano’s remit spans all Growing EU-wide Tipping, department director. His four senior site (www.financecentre.gov.gi). “We have a their firms” - and banking, Astengo says. “It is a combination of all of these things three target sectors. However, geographically, 80% or more of executives, selected from over 50 applicants, list of 4,000 names as target prospects in With 16 licenced trust and company that sets us apart from others,” says Canessa, “I have a pretty extensive contact list of Gibraltar’s near-£4m gross premiums arise have three-year contracts and result from a different countries and I’d like to double that administration firms in Gibraltar, “there are who will “concentrate on the lower hanging clients from my activity in the US – 40% are from the UK: Ashton aims to diversify the budget that has trebled. and systematically target relevant information some deals in the pipeline that I expect will fruit” of London and in Switzerland, where he American and 40% in Europe. Otherwise, it’s insurance base by type and to extend Peter Montegriffo, chairman of the to them,” Tipping declares. complete in 2014.” worked for eleven years. a case of cold calling and unsolicited Gibraltar’s reach across Europe. Finance Centre Council (FCC) representative The FCC wants “a Gibraltar finance A Gibraltarian, Philip Canessa (55) e-mails”, Galliano observes. “I am talking to existing insurers and body, points out: “Expectations are very high centre conference this year and, through spent 18 years with Hambros Bank (now S G Swiss to visit “There are people, who know about potential new entrants and asking them to as a result of the quantum leap in resources. improved knowledge of the markets, faster Hambros) dealing with investment and Early this year he aims “to get 30-50 Swiss Gibraltar, but I am surprised at the lack of think about what Gibraltar can offer on a pan- We expect quite a gear-change.” changes to legislation (as happens in other credit analysis in London, Channel Islands asset managers to visit The Rock”. There are depth of knowledge about what we have to European basis given the opportunity of EU and Gibraltar, where he became deputy- 27 licensed investment firms in Gibraltar offer. There’s an awareness, but not a deep passporting”, notes Ashton, who commutes managing director. “and by speaking to more of the right people, knowledge.” But Gibraltar’s reputation and weekly from his Basle home. “Setting up in But it was a move as managing director we should see more funds set up here or involvement in insurance already rates highly. Continued page 20 to EIM (Gibraltar), a specialist investment firm managing custom-tailored portfolios, encompassing hedge funds and traditional strategies, that boosted his wide funds credentials. He served as a board director of various EIM Group companies with the holding company in Luxembourg and on the boards of various in-house funds, including an Irish Qualifying Investor Fund, a In Gibraltar, the Tipping’s headcount now is 12, and finance centres) when the need arises”, Luxembourg UCITS Fund and SICAV- Finance Centre marks “a shift in focus, so almost all Montegriffo explained. Special Investment Funds, a BVI Fund-of- team: (l-r) Paul resources are front-facing”. The newcomers Each of the three target sectors – funds, Hedge-Funds and Jersey Expert Funds. Astengo, Philip Canessa, Jimmy are expected to deploy tactics drawn from insurance and private client work – con - “This gave me an understanding of the Tipping, Michael years of experience at or near the top of tributes to an overall road map of activities practical end of creating and managing funds Ashton. their respective specialist fields in financial and how the team will behave. and investment management,” Canessa services, which accounts for 20% of relates. YOU TRUST US TO DELIVER VALUE FOR YOU SINCE 1974 Gibraltar’s economy. Personal contacts key Gibraltar’s Experienced Investor Fund The FCC saw a detailed marketing plan But making and extending personal contacts (EIF) regime is popular, with these funds in January. “It isn’t the easiest of environ - focused primarily on the UK and Swiss being tax neutral and having an easily ments in which to kick off the campaign,” markets provide the greatest potential for new approachable regulator, is beneficial. “The PRIVATE WEALTH Montegriffo conceded, “but we are looking business development. Anything beyond that support infrastructure works efficiently, for a number of things to happen.” is seen as a bonus. because we are small enough for everyone to CORPORATE STRUCTURING Key events and exhibitions are a basic “The department is now attending con - know each other”, he enthuses. marketing building block; this year around 20 ferences and specialist forums, perhaps on a TRUSTS will be attended with private sector players – more structured and diverse basis, targeted at Rapid response three times more than last year. key areas, and through our own contacts in “The main competition we face is from FUNDS Social media has been harnessed: the previous jobs”, explains Paul Astengo (54), Malta, because it shares most of our department presently reaches some 2,500 the Gibraltar-born private client specialist. advantages of lifestyle, is also part of the EU, CALL US ON +350 200 78777 people - mostly on Linkedin [a social network During 30 years in banking in Gibraltar, and has good regulation, but our trump card or email: [email protected] connecting business professionals] - only 6% London, Spain and Jersey (mostly with is the time-to-market for funds to launch”. In of whom are in Gibraltar. The reach is being Barclays), he “helped people bring order to Gibraltar, an EIF can begin trading and has ABACUS FINANCIAL SERVICES LIMITED Licensed by the FSC no.702481 www.abacus.gi extended. the financial aspects of their lives – important 10 days to gain approval from the Financial
18 Gibraltar International www.gibraltarinternational.com www.gibraltarinternational.com Gibraltar International 19 Finance Banking
Continued from page 19 For insurance, Gibraltar is already “on relatively simple for us to put across our mes - Gibraltar means easy access to the regulator the beauty parade”, but he suggests: “The sage”, says Tipping. New State bank to demonstrate and the FSC has a service level agreement for biggest universe in the UK is in the private SA, with world-renowned regulatory new insurance businesses to be licenced client area”, where large accountancy firms standards, is a viable place for a return on There will be checks on finances – within 18 weeks – faster than anywhere in the have a huge contact base. By contrast, in investment. It is the only part of the independence analysing income, expenses, capital (tiered rest of Europe!” funds, 90% of the business is handled government’s original push for business from by risk to reflect greater risks) - and business As Montegriffo, a lawyer, states: through few lawyers. the BRICS countries – Brazil, Russia, India, The autumn announcement by Barclays to remove its retail plans. After launch, on-site risk assessments “Gibraltar has been very much in the “We traditionally have had core China and SA – where any early progress operation and dramatically reduce private finance work will take place and the bank will be required news as a result of the actions of our business areas across the UK - principally seems likely. to make regular prudential returns to the neighbour [Spain], but a lot of noise is London, but also some important regional “None of our suggested links are tax- meant only one high street banking name remained to serve FSC. Crucially, it will need to know details often not what a finance centre wants centres such as Edinburgh for asset driven (although it is up there as part of the the community. It was not good for the finance centre image of the most significant depositors and to hear. The reality is that it comes at management, Bristol for insurance and mix); they are all commercially-driven. We either, but the planned launch of Gibraltar International Bank borrowers to assess counterparty and other a price and at a time when simpler Chester for High Net Worth Individuals are not looking to be predatory”, he asserted. (GIB) next October is set to change things. risks. messages about the jurisdiction’s (HNWIs),” Tipping explains. “We have to look at where there are value ought to be the news.” In addition to Switzerland, the team is opportunities to add value. “I cannot over- new State-controlled retail bank the government to accelerate its long- Minimum capital In London, Galliano admits: looking also to the US, Bermuda, Hong Kong estimate the importance of culture, infrastruc - is to be established this autumn in standing consideration of whether to estab - The basic minimum capital for a Gibraltar London link: “Some people question the latest situation and South Africa (SA) for business. He ture, etc. If you have to do due diligence on A Gibraltar to meet the needs of local lish a community bank in addition to, or as bank start-up is €5m – the old rule was 8% Victor Galliano with Spain having seen items in the news and reveals: “Broadly, we are targeting those a South African proposition, it is significant - business and individuals and to coincide with part of, its existing Gibraltar Savings Bank. to the amount being lent, but in Gibraltar it I then debunk the myths.” However, Canessa countries with cultural and significant other ly easier than in dealings with many other ter - the withdrawal of Barclays services locally. A ‘professional team’ has been engaged usually has been set at 12-15%. Banks also sees an up-side to the border ‘issue’: “As one similarities and offering something that takes ritories beyond the EU.” “This can be achieved in the timescale, for GIB and initial discussions held with the need to look at the liquidity to make sure investment manager told me, at least his US advantage of our position as a gateway to the Other EU countries are trying to attract but it will be a challenge”, said Marcus FSC; the government assured the bank there is sufficient capital available to meet clients know where Gibraltar is now.” EU.” wealthy private clients, with citizenship and Killick, retiring chief executive of the would be “independently managed by immediate demands, and then varying layers Meanwhile, Tipping acknowledges: Common links residency offers. “We are not offering Financial Services Commission (FSC), professionals with appropriate banking (proportions) thereafter. “We must produce a real increase in Gibraltar Those countries have things in common with permanent residency and are aiming to attract which is responsible for issuing a banking experience”. No detail on who is involved business, given the level of investment and Gibraltar – common law, small financial EU, EEA and Swiss individuals, but licence in response to a government pre- has been given, but most likely will involve high financial resources and support staff, hubs, language and a history of understand - overwhelmingly from the UK. This defines Christmas application to form GIB. at least some of the Barclays team. and probably that is best demonstrated by the ing how things are done, “so they can relate Gibraltar and provides the distinction,” The FSC most likely will issue a ‘bank - But approval of the application requires number of new licences that are issued.” to us culturally, which then makes it Tipping declares. ing licence in principle, but subject to more: the FSC, mindful of public awareness conditions’ by mid-February assuming the of worldwide historic banking issues, will initial application meets with the regulator’s look closely at the quality of the management approval, and that will give the investing and Board before the bank begins business. government confidence to build a team, acquire offices and prepare for launch. Independence key “But the bank doors will not open until The FSC will need confidence in the people, all of any conditions the FSC requires are the governance and independence in the met to its full satisfaction. We need this to manner in which it conducts day-to-day protect depositors, borrowers and anyone business. The Board must demonstrate that it using or having dealings with the bank. is keenly aware of what is going on at all Basel III is the worldwide new Regulator We will not cut any corners in our times and evidence that it is not doing what standard for banks, effective in Gibraltar Marcus Killick supervisory approach”, Killick told others want. from January, ensuring a sufficiently high says no Gibraltar International . There has long been a call for wider core Tier 1 capital level to absorb any losses. corners cut “The last thing the FSC wants is to see availability of loans to overcome quotas from Samantha Barrass takes over as FSC any bank under its supervision get into any existing banks on the extent to which they chief executive in mid-February from being difficulties, let alone fail. Apart from will lend for a particular purpose – in this executive director of the Solicitors anything else, this would be materially harm - case mortgages – and by location that for Regulatory Authority (SRA) in England & ful to the reputation of the jurisdiction as a example, places limits on individual housing Wales, and as such will have responsibility whole.” projects. Civil servants can be Board mem - of steering the licence approval process. The GIB banking license application is bers, but most of the Board should be inde - Gibraltar Savings Bank was to have being treated by the FSC like any other with pendent of government as principle share - been developed more as a retail bank, but the the same process, except for the fact that the holder on the basis that shareholders do not government now says it will cater not just regulatory body has agreed to “prioritise the run the bank, the Board does! for deposit holders, but in conjunction with application in the interests of the community Killick, who received an OBE in the GIB, offer further services, including as a whole”. Queen’s New Year Honours for services to managing payments made by Government the regulation of financial services in in the most cost efficient manner. Managing Two, not one Gibraltar, confirmed: “The level of the relationship between the two banks was But the devil will be in the detail. The supervision will be identical to the other a “critical” factor, the Chamber of October decision by Barclays to remove licensed banks and in full compliance with Commerce said in welcoming formation of retail and corporate services within a year as European requirements and international GIB, which should have “commercial, but part of a global reduction in services, caused standards.” reasonable” lending terms.
20 Gibraltar International www.gibraltarinternational.com www.gibraltarinternational.com Gibraltar International 21 Law Law
More competition company management services - unlike with some very sophisticated issues and, “Having worked within companies - gam - other Gibraltar firms - because we think that as a result, the jurisdiction has seen a big Growth in lawyers masks ing, e-payments and financial services - in represents a potential conflict and we prefer temporary import of Silks – senior barristers varying sectors and gained detailed absolute independence in our advice. That known as Queen’s Counsel (QC) - with knowledge is a big advantage; you know has created a niche market for us,” 54 years specialised knowledge for cases. tightening budgets how people in those sectors think and see old Gomez declared. “There is a changing basis of work for more clearly what they are seeking to lawyers – more litigations and trust and The major constituents of Gibraltar’s economy – offshore work, manage expectations”, insisted Triay, achieve”, Howitt asserts. Stretching boundaries international activity - so grandson of the original managing partner, “It is becoming very competitive here Hassans actively seeks to work with leading Gibraltar could present financial services, and e-commerce – are continuing to grow, P S C Triay QC. with UK legal firms,” Howitt noted, “and UK, US and European law firms and claims itself as a centre of excel - increasingly there is demand for sophisticated legal skills and Yet Hassans, employing 250 people some of Gibraltar’s legal firms are becoming “a high level of international referrals and lence on the technical services, and greater competition (245 in 2010) in offices in Gibraltar and on involved in cross-border work for clients, regularly advises internationally and on points of the law,” Triay Spain’s Costa del Sol, said its revenue last including from the UK – it’s a sign the cross-border transactions”. The firm han - suggested. ibraltar is said to have the world’s evolution. The days of companies with huge year grew by more than 5%, helped Gibraltar market is maturing.” dled the first European cross-border merger However, local frus - largest legal representation, putting budgets for legal expenses are gone. People particularly by gaming and funds work. Yet no large UK legal firms have in Gibraltar between two major internet tration built over years at GCalifornia into second place; there abroad are looking at law as a commodity “Gibraltar is a small, densely populat - moved to open Gibraltar offices, so local gambling companies, PartyGaming plc and having only few QCs for are 230 lawyers working in commercial and there is a huge downward pressure on ed jurisdiction so any business sector which firms have yet to be challenged. bwin Interactive Entertainment AG in 2011, the size of the profession enterprises or one of 32 legal firms and legal fees,” observed Peter Montegriffo, one is a large part of the economy will involve a Charles A Gomez & Co, specialising in and last year three simultaneous European arises not only from per - partnerships, for a population of just 30,000. of Hassans’ 28 partners and corporate and high number of people per capita”, reasoned general dispute resolution and commercial cross-border mergers of Gibraltar companies ceived added kudos of the The only common law jurisdiction commercial team leader. a spokesman for the 43 years old Hassans law, was established 25 years ago and is were formed into a single legal entity incor - status, but also the potential for Silks to earn Gillian Guzman in continental Europe, Gibraltar has a Melo Triay, senior partner at the 113 practice. retained locally by two of Gibraltar’s largest porated in another EU Member State. higher fees. multilingual background and its multi years old Triay & Triay, said: “We are taking In 2013, six of 88 lawyers left Hassans firms – Morrisons supermarket and Saccone Gibraltar’s fused legal system giving ethnicity has enabled some firms to move on lawyers on a needs basis. Five years ago - one to a small, growing local law firm, and & Speed, wines & spirit merchants. both barristers and solicitors rights of Silks demand more easily into multi-jurisdictional we couldn’t get enough lawyers, but today the remainder “took up positions in industry, “We have always been different to audience in court has not caused many to Gibraltar has 15 QCs - some are semi-retired operation. the workload is not necessarily increasing for example in-house legal departments, other firms. We took a decision in 2001 to appear before judges: it is estimated that no – and at this stage, in-house legal counsel is The legal system dates from 1740 and that much locally as a result of the impact of compliance, fund managers/promoters etc”; concentrate on litigation work and general more than 50 are involved in advocacy and not included. largely reflects that of England and Wales the recession.” five of six trainees have remained. legal work on companies and trusts. appear in Court. with its Common Law and rules of equity At end 2009 there were 200 in the legal Accountancy in Gibraltar has grown However, we will not offer trustee and Yet, Gibraltar courts are now dealing Continued page 24 adopted wholesale in 1962, except for profession, it having doubled over the from international firms establishing or property law, which differs significantly. previous decade as a result of substantial buying into local operations and recruited Some local laws aim to give economic expansion largely on the back of from outside of Gibraltar to expand their the finance centre a compet - the international finance centre and areas of expertise, whereas the same gener - itive advantage, but much of e-gaming. ally is not true for legal firms it has been new legislation is driven by The collective turnover of lawyers was suggested. universal EU requirements; then estimated at some £95m, including However, at Triay Stagnetto and indeed Gibraltar last autumn several associated enterprises Neish, associate Nick Culatto became the first in Europe in the territory and in nearby joined in late 2007 and was to have transposed into law Spain. Four years on, and primarily involved with all EU legislation. there are 15% more lawyers, litigation, construction and Chief Minister, Fabian the pace of growth having maritime matters. Picardo said that in the past slowed. But in 2010 he moved to two years the Government’s The number of lawyers work on both contentious and legal work had been “spread returning home creates a non-contentious construction Above: out amongst a much larger part of the legal dynamic: some suggest matters, including public Melo Triay fraternity – always choosing the best lawyer there is the potential for procurement in a specialist and right: or firm for the job – quite unlike the position saturation, because so many London law firm. Culatto Charles Gomez before we were elected when a favoured few Gibraltarians have qualified returned to TSN – it has three got all the work”. as lawyers in recent years. QCs in its 19-strong legal team Although the number of lawyers Fewer Gibraltar students opted for Law - in October 2012. registered with Gibraltar’s Supreme Court Degree courses last autumn - 18 compared And a year ago Peter Howitt formed continues to grow steadily by 10 or so each to 23 in 2012. Ramparts Law as a sole operator and has year there are signs that the rate of increase since developed to become a four-lawyer in the jurisdiction’s legal work is slowing, Other legal work practice by building on his wide in-house making for greater competition and pressure “Youngsters choosing to study law today legal experience. In January, William on fees. may well not end up working in local law Rawley joined Ramparts to lead a new firms, but instead join gaming and financial Corporate & Finance team, having been Law a commodity services businesses, where there is growing Head of Execution and Syndication of the “Some firms are having to redefine and demand - to help with regulatory or EMEA Corporate Solutions team at develop in the way they will approach compliance matters, for example; we have to Citigroup Global Markets in London.
22 Gibraltar International www.gibraltarinternational.com www.gibraltarinternational.com Gibraltar International 23 Law Insurance
Continued from page 23 nephew of the firm’s 1892 founder, Horace Solicitors Regulatory Authority programme Developing local talent Parodi, argued that those with a non- of continuous learning and the High Court Currently around 50% of the Gibraltar In March 2012, six QCs were admitted litigation background should not effectively Inner Temple has offered support as has Gibraltar as a insurance industry was born in Gibraltar. In to the Gibraltar Bar – the first for ten years – be excluded by setting the barrier to entry former Gibraltar Chief Minister, Sir Peter its efforts to attract expertise from outside, and included a Isalas civil and commercial too high. The next batch of QC appoint - Caruana QC and Attorney General, Ricky the industry must not ignore the huge litigator, Mark Isola, and Gillian Guzman, a ments is expected early this year. Rhoda, QC. ‘career domicile’ potential of local graduates and school Hassans partner in the litigation department, In the meantime, Rhoda said that leavers. Over the past two years, the GII has who became the first Regulation coming Gibraltar’s success rate in obtaining by Tom Stephenson, Underwriting Management done an outstanding job of raising woman QC and at 39, the At the same time, a Legal Practitioners’ Act convictions in cases prosecuted compares & Business Development, Robus, Gibraltar / Gibraltar awareness of the insurance industry among youngest ever. - making the Bar Council a statutory body favourably with experience in England and 16 and 18-year olds. I am certain this will The profession is also responsible for ethics, and creating a Wales - 46% and 32% respectively - Insurance Association (GIA) continue over the next few years and troubled by the fact that separate Lawyers Regulatory Authority “despite the smallness of our jury pool and he case for Gibraltar as a great place financial lines, health, surety, marine and hopefully we will see more local young peo - QCs seem only to come (LRA) - needs parliamentary approval and is particular problems posed by a small juris - to do business, is made time and time most other major classes of general ple attracted to the industry. from Court advocates, unlikely to be functioning until 2015. diction”. Tagain by industry professionals, as insurance. This will not be easy, as other sectors, when 70% of the total are Membership of the Bar Council will Giving the profession a boost, well as Gibraltar Finance and the Gibraltar In anticipation of the forthcoming particularly the accountancy and legal commercial lawyers become compulsory for all lawyers and the Gibraltar’s new Law Courts – four Supreme Insurance Association. Solvency II regulations, regulators are professions, continue to have a very high “It is unfortunate that LRA will issue practicing certificates, ensure Courts, two Magistrates’ Courts and a Most of us know the script off by heart; renewing their focus on corporate profile among local graduates seeking a the guidelines for the accounting rules are followed, and check for Coroner’s Court - were officially opened we can talk confidently about the merits of governance. The concept of “mind and professional career. appointment of QCs so Professional Indemnity insurance. It also last year in refurbished and extended Gibraltar in terms of EU passporting rights, management” is particularly relevant inadequately cater for the will be concerned with complaints, taking premises complete with new technology, regulatory efficiency and corporate taxation. because it means Gibraltar insurers must Peter Isola vast majority of lawyers practising in this responsibility from the Chief Justice including a video link, improved access to But what we rarely do is talk about Gibraltar demonstrate they have the expertise to man - jurisdiction yet our number is taken into Anthony Dudley, who has executive power online services and a new IT system. as a great place to develop one’s career. age their businesses here in Gibraltar. consideration when appointments are on discipline matters. Isola highlighted the need for Promoting Gibraltar as a ‘career domicile’, In practical terms, this should mean made,” Peter Isola, vice chairman of the Bar Isola highlighted the need for “regulation of a higher standard” and need and not just a corporate domicile, is vitally increasing demand (and therefore Council, told the Ceremonial Opening of the “regulation of a higher standard” and for for greater efficiency to better protect the important to the future of our industry. opportunity) for specialist underwriters, Legal Year in September. greater efficiency to better protect the public. public. In the UK there are likely to be hun - managers and directors. Isola, senior partner and great, great The LRA will plug into the UK’s Ray Spencer dreds of industry professionals who would The close-knit nature of the Gibraltar seriously consider a move to Gibraltar, if insurance industry means that it’s possible to only they knew about it. Many employees in gain exposure to areas of the industry which, the industry in the UK would love to work in the UK or elsewhere, would be far less abroad, but feel hampered by their inability accessible. An insurance underwriter in to speak a foreign language. Manchester, for example, is unlikely to have Promoting Gibraltar as a ‘career That’s why, for example, a lot of them any sort of interaction with their regulator domicile’ is vital for Gibraltar’s future. It has
talk about the US, Canada, Australia and a or have the opportunity to sit on their long been my view that one of the critical few other international centres, such as employer’s Underwriting Committee. risks to the Gibraltar insurance industry is a Dubai and Singapore, where English is the Similarly, in Gibraltar there is far more potential shortage of skilled professionals.
de facto business language. Europe is interaction with business owners and In many respects, this is inevitable in a generally ruled out in its entirety due to entrepreneurs. This level of exposure territory the size of Gibraltar. With only perceived language difficulties. can significantly accelerate personal 30,000 people living here, to find a Only Ireland is a realistic option, but its development and lead to new opportunities specialist underwriter in a new line of ‘ climate and lifestyle is quite similar to the in unexpected areas. business is not always easy. UK. Gibraltar however, offers a great opportunity for a positive lifestyle change without leaving Europe and without learning Most of us know the script off by heart; we can another language. So what are the opportu - talk confidently about the merits of Gibraltar in nities in Gibraltar? terms of EU passporting rights, regulatory Opportunities for insurance efficiency and corporate taxation professionals Gibraltar has a well-developed insurance ‘ industry with insurers, reinsurers, insurance Gibraltar also provides opportunities There are simply not enough people managers, brokers and of course, a regulator. for more formal continuing professional outside the industry trying to get in. By Some insurers and brokers focus on the local development. The Gibraltar Insurance raising awareness of the Gibraltar insurance market, whereas others are more focused on Institute (GII) is, among the more active industry, both inside and outside Gibraltar, other European markets, particularly the local insurance institutes and hosts regular we can hopefully encourage more people to UK. Lines of business vary widely. Motor seminars on a range of topics. They also think of it as a career option. insurance remains a dominant class, but offer support for those studying for profes - Gibraltar companies also underwrite sional insurance qualifications with the www.robus-risk.com property, liability, personal accident, Chartered Insurance Institute (CII). www.gia.gi
24 Gibraltar International www.gibraltarinternational.com www.gibraltarinternational.com Gibraltar International 25 Compliance EU signals finance centre ‘clean bill of health’ ibraltar’s finance centre has received the Commission has not received complaints Forum on Transparency and Exchange of a welcome shot in the arm from the meeting the description given by the Information for Tax Purposes, Gibraltar – as GEuropean Commission (EC) that has Honourable Member.” one of some 110-member countries - signed declared Spanish allegations around tax and He also said that “there are no infringe - an Intergovernmental Agreement (IGA) with money laundering issues are unfounded. ment proceedings pending against the United the United Kingdom. The government of Sr. Rajoy has Kingdom concerning the non-transposition of The move followed consultation with repeatedly claimed that The Rock fails to Directives on financial services in Gibraltar.” Gibraltar’s financial services sector collaborate on tax investigations, is a In fact, Gibraltar boasts it is the only EU and the views of a Working Group depository for illegal money and has unregu - member state that is up to date in transposing specifically set up to consider the lated financial services. into law all Euro-wide directives, including impact of the Foreign Account Tax The clean bill of health on these issues those affecting financial services. Compliance Act (FATCA), to prevent has been given “by an independent entity, As a result, Picardo declared: “This and detect offshore tax evasion [the] European Commission”, Fabian shows that Gibraltar is a well regulated EU- Signed by Financial Services Picardo, Gibraltar’s Chief Minister declared. compliant jurisdiction and it demonstrates Minister, Albert Isola, the Agreement Sir Graham Watson, Gibraltar and that our finance centre has been at the receiv - comes into force, when both parties South West Liberal Democrat MEP, asked the ing end of inaccurate and unjustified criticism notify each other in writing that all necessary IGA with UK EC: “Can the Commission state whether it by the Government of Spain.” internal procedures have been completed. signed by has ever received a well-founded complaint Gibraltar, with fellow Overseas However, Isola urged: “We should keep Minister Albert Isola. regarding an alleged failure by the Territories and Crown Dependencies, has in mind our shared objective of the promotion Government of Gibraltar to provide or given a commitment to automatic exchange of a single global standard for the automatic exchange information or failure to collabo - of information with the United Kingdom, the exchange of information, which the rate generally on tax, financial services or USA and to join the G5 pilot automatic international community considers to be the money laundering matters?” The replies by exchange programme. most effective way to tackle tax evasion the Commissioner responsible for the Internal And at the late November annual while minimising costs for governments and Market, Michel Barnier, made clear: “To date meeting in Jakata of the OECD Global business.”
www.gibraltarinternational.com Gibraltar International 27 BUSINESS ROUND UP BUSINESS ROUND UP
Hedge Fund Lawyer where she ran the practise of October last year, the Financial between regulators on financial improved quality of service. and presentations on issues start-up and capital market joins Hassans Funds Conyers Dill & Pearman. Services Commission (FSC) has services, in the area of investment The focus of this consultation pertinent to the Gibraltarian environments, potential market Team A former member of the become a full signatory to the services. is to set out the GRA plans for the eGaming sector, as well as those opportunities, and much more. The Felicity Cole has recently joined London Education Committee of Multilateral Memorandum of The Minister for Financial spectrum bands which should be more widely related to the global summit will also provide sector Hassans Law Firm as Of Counsel 100 Women in Hedge Funds, her Understanding (MMoU) of the Services, the Hon. Albert Isola, granted access for the provision of industry. specific and global updates, as well in their renowned Funds Team. focus includes European and International Organisation of stated “The government is 4G services. The KPMG summits have as a series of panel sessions which Gibraltar laws in respect of the Securities Commissions (IOSCO). committed to ensuring that all The GRA has considered become key events in the eGaming draw together industry experts to establishment and management of aspects of financial services current spectrum assignments, and calendar, and offer attendees the discuss contemporary issues and alternative funds, in particular regulation continue to meet what spectrum is available, and opportunity to discuss the future of field questions from the floor. the charity which was for raising hedge funds and private equity international standards. how this may best be offered to online gaming in an open and For more information on this awareness, making a company funds. We are committed to a culture mobile operators. collaborative environment with an year’s summit, please visit contribution and giving team Felicity also has extensive of compliance with European and The public consultation is academic focus. www.kpmg.gi/egamingsummit members an opportunity to experience in art law through a International obligations and available on the GRA website personally be part of the charity. Masters degree from Sotheby’s standards.” www.gra.gi Europa Trust donates to Kathi Scott, the executive Institute of Art in London. She is the Nelson Mandela director of Nelson Mandela currently completing a diploma in The resolution to confer this Consultation on the KPMG announces Children’s Fund Children’s Fund (UK) expressed art law from the Institute of Art & upon the Financial Services licensing of 4G mobile Gibraltar eGaming Europa Trust Company Limited her appreciation of the commitment Law. Commission was made by the services summit date supported the Nelson Mandela and efforts from everyone at Felicity has been practicing for over Decision Making Group in The Gibraltar Regulatory Authority The KPMG eGaming team has Children’s Fund as their charity of Europa Trust Company Limited, 20 years and is admitted as a FSC becomes a full December 2013 and has been (GRA) has issued a public announced that the fourth the year for 2013. The start of the and said: “The contribution will Solicitor in England & Wales, an signatory to the IOSCO formally communicated on the consultation on proposals to licence instalment in the firm’s series of As with past events, this New Year 2014 saw the company assist with the building of a special Attorney of the State of New York, MMoU on regulatory IOSCO website. the provision of 4G mobile Gibraltar eGamming summits will year’s summit will tackle issues as consolidate its contribution to the children’s hospital, which will be and an Attorney of the Cayman information exchange The IOSCO MMoU is an communications services in take place on the 3rd April 2014 at diverse as taxation, regulation and fund, made up by individual dedicated to children’s health and Islands and Bermuda. Following the enactment by international protocol between Gibraltar. the Caleta Hotel, Gibraltar. legislation specific to online donations from staff at the recovery.” She has practised in the City Government of the Financial financial services regulators for the The introduction of 4G mobile Delegates, speakers and key gaming, and topics such as on and company. Anyone wishing to contribute with Linklaters and Hogan Lovells, Services (Information Gathering provision of assistance and will provide better mobile data stakeholders will be invited to offline technological advancements, The company’s donation to the charity can do so by visiting and offshore in the Cayman Islands, and Co-operation) Act 2013 in exchange of regulatory information services, faster speeds and return for a full day of discussion payments provision, social gaming, formed part of their commitment to www.mandela-children.org.uk
28 Gibraltar International www.gibraltarinternational.com www.gibraltarinternational.com Gibraltar International 29 Contacts WHY SHOULD YOUR COMPANY SPONSOR OR ADVERTISE IN Professional Bodies based in Gibraltar THE GIBRALTAR INTERNATIONAL MAGAZINE? Gibraltar Association of Pension Fund Administrators (GAPFA) Gibraltar Federation of Small Business (GFSB) Steven Knight, Chairman, Tel: + (350) 200 40466 Stuart Rodriguez, Chairman, Tel: + (350) 200 47722 Answer: Email: [email protected] Email: [email protected] l We produce a quality, informative, business publication, with the aim of informing and Association of Trust & Company Managers (ATCOM) Gibraltar Funds & Investments Association (GFIA) Marc X. Ellul, Chairman, Tel: + (350) 200 70921 James Lasry, Chairman, Tel: + (350) 200 64740 encouraging international companies and investors to choose Gibraltar to invest and do Email: [email protected] Email: [email protected] business with YOUR COMPANIES Bar Council Gibraltar Insurance Association (GIA) David Dumas, Chairman, Tel: + (350) 200 59026 / 79075 Chris Johnson, Chairman, Tel: + (350) 58452000 l 10,000 Printed Copies Each Quarter, of which 2000 are mailed to Financial Advisers, Email: [email protected] [email protected] Email: [email protected] Bankers, Lawyers, Accountants, HNWIs, across the UK and Continental Europe * Gibraltar Association of Compliance Officers (GACO) Gibraltar Insurance Institute (GII) Ivan Perez, Chairman, Tel: + (350) 200 73520 Peter Abbott, President, Tel: + (350) 200 74570 l Exclusive Magazine Stands in the Arrivals, Departures and Executive Lounge at Gibraltar Email: [email protected] Email: [email protected] International Airport ( 2,500 copies, on average, taken each quarter) - Europort - Atlantic Gibraltar Bankers’ Association (GBA) Gibraltar Society of Accountants (GSA) Suites - Ocean Village Business Centre - Cruise Liner Terminal Christian Garcia, President, Tel: + (350) 200 44144 Colin Vaughan, President, Tel: + (350) 200 73520 Email: [email protected] Email: [email protected] l Distributed in all the Top Hotels, Restaurants, Bars, Office Receptions in Gibraltar Gibraltar Betting & Gaming Association (GBGA) Society of Trust & Estate Practitioners (STEP) Peter Howitt, Chief Executive, Tel: + (350) 200 68450 Peter Isola, Chairman, Tel: + (350) 2000 1892 l Distributed through the Government of Gibraltar (UK) offices, The Strand, London Email: [email protected] Email: [email protected] Gibraltar Chamber of Commerce (GCC) Gibraltar HR Forum l Sponsors receive special rate for adverts Christian Hernandez, President, Tel: + (350) 200 78376 Ruth Halsall, Chair, Tel: + (350) 200 43865 Email: [email protected] Email: [email protected] l Direct link to your company’s website, from our website Gibraltar Finance Centre Council (GFCC) Gibraltar Electronic Money Association (GEMA) – www.gibraltarinternational.com (Sponsors only)) Peter Montegriffo, Chairman, Tel: + (350) 200 79000 Dani Spier, Chairman, Tel: + (350) 200 79645 Email: [email protected] Email: [email protected] * Mailing list compiled in association with Gibraltar Finance Centre
30 Gibraltar International www.gibraltarinternational.com www.gibraltarinternational.com Gibraltar International 31 SHARING OUR AWARDS WITH YOU SOCIETE GENERALE PRIVATE BANKING HAMBROS
UK BEST PRIVATE BANK 2013
EUROPEAN PRIVATE BANK BEST WEALTH PLANNING TEAM 2013
FRANCE BEST PRIVATE BANK 2013*
MONACO BEST PRIVATE BANK 2013 WESTERN EUROPE BEST STRUCTURED PRODUCTS OFFER 2013**
LUXEMBOURG BEST PRIVATE BANK 2012
MIDDLE EAST BEST PRIVATE BANK 2012
WORKING TOWARDS ONE GOAL: YOURS
Some of the above were awarded to Societe Generale Private Banking. Past performance should not be seen as an indication of future performance. Please note that investments may be subject to market fluctuations and the price and value of investments and the income derived from them can go down as well as up. As such your capital may be at risk.
privatebanking.societegenerale.com/hambros
*Twice in the last three years - **9th consecutive year Issued by SG Hambros Bank (Gibraltar) Limited, which is regulated and authorised by the Financial Services Commission, Gibraltar. - FRED & FARID
HD 11:29